Reinsurance News
Maiden Re gets approval for move to Vermont
27th February 2020
Maiden Reinsurance Ltd. (Maiden Re), the principal operating subsidiary of Maiden Holdings, has been approved to go ahead with its planned re-domestication from Bermuda to the State of Vermont in the US. The Vermont Department of Financial Regulation (DFR) has now issued a certificate of authority to Maiden Re, allowing it ... Read the full article
Q4 loss weighs on Liberty Mutual’s 2019 income
27th February 2020
Liberty Mutual Holding Company Inc. (LMHC) and its subsidiaries reported a 51.7% decrease in net income over 2019, weighed down by a net loss of $300 million during the fourth quarter of the year. The company’s net income was $1.04 billion in 2019, versus $2.160 billion in the previous year. Q4 ... Read the full article
UIB adds Miles Taffs to Aviation & Space team
27th February 2020
International re/insurance broker UIB has announced the appointment of Miles Taffs as Deputy Managing Director of its Aviation & Space team. He joins on March 16 and will report directly Craig Fisher, UIB’s Managing Director of Aviation and a Board Director of UIBL. Taffs has more than 30 years of experience in ... Read the full article
Chubb promotes Dawn Miller to country president, Switzerland
27th February 2020
Global insurer Chubb has announced the promotion of Dawn Miller to the role of country president, Switzerland. Effective March 1, Miller will be responsible for establishing and growing Chubb’s insurance business in Switzerland. She will be based in Zurich and succeeds Florian Eisele following his appointment as senior vice president director of ... Read the full article
Enstar’s Sandra Boss to depart board of directors
27th February 2020
Bermuda-based re/insurance, run-off and legacy transaction specialist Enstar Group Limited has announced the departure of Sandra Boss from its board of directors. Effective April 1, Boss will vacate her position to pursue a full-time executive role with another company. Boss has been a director of Enstar since 2015, serves as chair of ... Read the full article
Thomas Miller Americas CEO Mike Jarrett retires
27th February 2020
Global insurance provider Thomas Miller has announced the retirement of Mike Jarrett, president and Chief Executive officer of Thomas Miller Americas. Jarrett had been with the company for 40 years and has been succeeded by Leo Kirchner. Kirchner has spent 25 years with the firm and most recently served as regional director ... Read the full article
Gen Re names new L&H International leaders as Heinen retires
27th February 2020
Gen Re, the global reinsurance subsidiary of Berkshire Hathaway, has announced that Winfried Heinen, its long-standing Head of Life and Health International business, has decided to retire on July 31, 2020. Heinen joined the company in 1988 and currently serves as Chairman of the Executive Board of General Reinsurance AG, Gen ... Read the full article
RSA announces record current year underwriting profit
27th February 2020
RSA Insurance Group has announced a current year underwriting profit of £314 million for 2019, representing growth of £229 million when compared with the prior-year while the total group underwriting result increased by almost 39% to £346 million. Excluding exit portfolios, RSA's underwriting profit reached £405 million in 2019, while the ... Read the full article
Talcott announces leadership reshuffle
27th February 2020
Life and annuity insurer Talcott Resolution Life has announced a series of leadership appointments aimed at driving growth. Peter Manley will join the company as head of Corporate Development and Strategy and will be responsible for overseeing the development and execution of the company’s growth strategy. He brings over 20 years’ experience ... Read the full article
Argo Group and subsidiaries’ ratings downgraded by A.M. Best
27th February 2020
Global financial services ratings agency A.M. Best has removed from under review with negative implications and downgraded the credit ratings of Argo Group International Holdings, Ltd. and its subsidiaries. Specifically, the ratings agency has removed from under review with negative implications and downgraded the Financial Strength Rating (FSR) to A- (Excellent) ... Read the full article
FedNat posts 122.1% combined ratio off adverse development
27th February 2020
Florida-based primary insurer FedNat Holding Company has reported a fourth-quarter combined ratio of 122.1%, up 3.8 points from the prior year quarter and representing 4.7 points of net catastrophe losses, 12.6 points of adverse development and 5.3 points from current accident year reserve strengthening. FedNat had previously warned that it ... Read the full article
AEGIS London recruits Head of HR from CNA Hardy
27th February 2020
Lloyd’s of London managing agency AEGIS London has announced the appointment of Claire Parkinson as Head of HR. Parkinson was formerly Director and HR Business Partner at CNA Hardy, where she has worked since May 2017. Prior to that, she worked in a number of HR roles across the UK and internationally ... Read the full article
Concentration of rising prices limits positive influence on profits: Moody’s
27th February 2020
Analysts at Moody's have said that the outcome of the January 1st, 2020 reinsurance renewals are in line with expectations, and, has noted that the concentration of price hikes is limiting any positive impact on profitability for market players. Financial services ratings agency, Moody's is the latest to comment on the ... Read the full article
Skuld achieves 4.6% growth in 2020 P&I renewals
27th February 2020
Marine insurer Skuld has achieved a 4.6% net increase in mutual P&I tonnage from 2019 to 2020, following the renewals that completed on February 20th. Skuld’s continued growth at the renewals brings its mutual P&I tonnage to 95.3 million gross tonnes (GT). In addition to the mutual P&I business, growth was also ... Read the full article
SCOR posts higher income but nat cats hit P&C result
27th February 2020
French reinsurer SCOR has reported a rise in net income for the full year 2019 to €422 million and a net combined ratio of 99%. However, a high level of natural catastrophe activity pushed its Global P&C segment to an underwriting loss in the fourth-quarter. Overall, Group net income increased by ... Read the full article
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